When the U.S. economy began to move forward once again, municipal debt continued its momentum, which was maintained well into the early part of the twentieth century. The Great Depression of the 1930s halted growth, although defaults were not as severe as in the 1870s. Leading up to World War II, many American resources were devoted to the military, and prewar municipal debt burst into a new period of rapid growth for an ever-increasing variety of uses. Today, in addition to the 50 states and their local governments (including cities, counties, villages and school districts), the District of Columbia and U.S. territories and possessions (American Samoa, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the U.S. virgin Islands) can and do issue municipal bonds. Another important category of municipal bond issuers which includes authorities and special districts has also grown in number and variety in recent years. The two most prominent early authorities were the Port of New York Authority, formed in 1921 and renamed Port Authority of New York and New Jersey in 1972, and the Triborough Bridge Authority (now the Triborough Bridge and Tunnel Authority), formed in 1933. The debt issues of these two authorities are exempt from federal, state and local governments taxes.
Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron’s, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He’s also the author of the bestselling books: Crash Proof 2.0, The Little Book of Bull Moves in Bear Markets:, and The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country.
That was the slogan used by then-presidential candidate Donald Trump and it propelled him to the most powerful and coveted job in the world – commander in chief of the United States. However, since Trump’s inauguration there has been much blustering and many unpopular policies that don’t seem to have been made with the promise of making America great again.
“Title I” FISA surveillance of U.S. citizens is the most intrusive, exhaustive and far reaching type of search, seizure and surveillance authority, permitting the FBI to look at every scintilla of Mr. Page’s life. All communication, travel and contact can be opened and reviewed. All aspects of any of Mr. Page’s engagements are subject to being secretly monitored. This is an entirely different level of surveillance authority, the highest possible, and has nothing to do with FISA-702 search queries (Title VII) of U.S. persons.
I remember when America was a free country. You could get on an airliner without an ID. Driving licenses didn’t even have photos. If a friend was coming through your city on a flight and had a few hours layover, you could meet them inside the airport for lunch or dinner. You could meet friends, children, and relatives at the gate or see them off at the gate. Parents could actually put children on the plane and grandparents could take them off.
Rate and Review This Podcast on iTunesDow Swings More Than 900 PointsWell we didn't have a Black Monday today, but we did have a pretty big selloff, especially if you measure the decline from the early morning pop to the late afternoon drop. I think it was better than a 900 point selloff. Earlier this morning the Dow Jones was up about 350 poin ...…
Dow Ending a Down Week on a Positive NoteThe Dow managed to finish a down week on a positive note; the Dow Jones was up about 55 points - 24,270-ish is where we closed. Although intra-day, we were up better than 250 points, so most fo the losses came toward the end of the day, as the Dow was not able to hold on to all those gains. It held on to ...…
Phew. Ok. So everything above seems completely ridiculous and indicates basically everyone involved – with the exception of Trump, Nunes, and maybe Sessions – are completely and utterly stupid! If this was a Clancy novel, it would at least have a plausible conspiracy! This one is just dumb. Hillary and DNC funded Steele to collude with Russia to MAKE STUFF UP about POTUS Trump and uses a corrupt and clearly bias FBI and DOJ to facilitate the whole thing. You cannot ask for a more stupid plot to this story! It is just bad!
However, as we explained last December, this is a low-ball estimate which "understates the potential losses" as it "does not include high-yield bonds, fixed-rate mortgages, and fixed-income derivatives", which would suggest that the real number is likely more than double the estimated when taking into account all duration products. As a reminder, Goldman calculated the entire duration universe at $40 trillion as of the summer of 2016, resulting in $2.4 trillion in losses for a 1% move. By now the number is far, far greater.
2. Assuming NO appreciation on the house, and ignoring my monthly home payments (only looking at initial deposit (investment) and my ending house value 30 years from now), I get approximately 5% real return in almost every scenario on the initial deposit. Varying inflation from 0% to 10% annually has wide impacts on nominal rates and final house values (assuming house keeps up with inflation), but the real value stays almost 5% annually in most case.
JOIN PETER at the New Orleans Investment Conferencehttps://neworleansconference.com/conference-schedule/831 Point Rout in the Dow Jones Industrial AverageIf you listened to Friday's podcast, I mentioned that I thought I would probably be doing a lot of podcasts this week. I did one yesterday, and I am doing another one today because my feeling ...…
The above chart may not seem like a big deal to some but keep in mind the United States had never witnessed a year over year drop in nationwide home prices since the Great Depression. Not only has that been surpassed but home prices are now back to levels last seen 8 years ago. The lost decade is now nipping at our heels but what about two lost decades like Japan?
"Less central bank liquidity support as we near the end of an economic cycle should bring higher volatility as risk assets and markets lose some of their ability to absorb shocks. Our call is not for a simultaneous and large repricing across risk assets, but for a bear market that rolls through different assets and sectors at different times with the weakest links (Bitcoin, EM debt and equities, BTPs, funding spreads, base metals, and early cycle industries like home builders and airlines) being hit first/hardest."
Jim: Well, Jay Powell has one commanding credential. And that credential is the absence of a PhD in economics on his resume. I say this because we have been under the thumb of the Doctors of Economics who have been conducting a policy of academic improv. They have set rates according to models which have been all too fallible. They lack of historical knowledge and, indeed, they lack the humility that comes from having been in markets and having been knocked around by Mr. Market (who you know is a very tough hombre).
RATE AND REVIEW this podcast on Facebookhttps://www.facebook.com/PeterSchiff/reviews/Fed Responsible for Most Recent Move UpI think what's really responsible for this most recent move up is the Fed comments. Now maybe Trump can take credit for those, maybe President Trump was able to get Jerome Powell's mind right after all, when it comes to ra ...…
The Federal Reserve meeting last week, where the central bank raised interest rates for the fifth time in the last 15 months and signalled two more are on the way by the end of the year, should have breathed new life into the bears. Instead, bonds rallied, in part, as chairman Jerome Powell downplayed the risks of faster inflation and stocks tumbled. But, a close look at the Fed's rate forecast reveals that the difference between its call for a total of three increases this year and four amounted to one estimate on the central bank's "dot plot".